Posted by Tamara Millard
In order to either confirm or dispel myths about millennials and home ownership, we surveyed 22 millennials about their financial situation. This is part 3 of the series. To read parts 1 and 2, click here.
The average monthly loan payments for our millennials is $1960, however they range from $700 to $3700. Many of the people questioned did not find it difficult to meet the minimum repayments, and regularly paid more off their loan than required. However interest rates are currently at record lows. When asked if they would struggle to pay a higher monthly mortgage if interest rates increased, most answered yes. Some comments included:
Although rising interest rates would affect the cash flow of these home-owners, it seems that many are aware of the situation and are paying additional amounts now, to help if and when interest rates rise in the future.
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